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Mar 31, 2022

Amendments to SEBI (AIF) Regulations, 2012

SEBI on March 16, 2022, notified the SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2022 (‘Amendment Notification’) to amend the SEBI (Alternative Investment Funds) Regulations, 2012 (‘AIF Regulations’) that is applicable to all alternative investment funds (‘AIFs’). The Amendment Notification brought about the following changes:

  1. Regulation15(l)(d) of the AIF Regulations has been amended to permit Category III AIFs to invest up to 10% of the investable funds in an investee company, and the large value funds for accredited investors of Category III AIFs to invest up to 20% of the investable funds in an investee company, directly or through investment in units of other AIFs; and
  2. The Amendment Notification further clarified that, subject to the conditions specified by SEBI from time to time, for an investment in listed equity of an investee company, Category III AIFs may calculate the investment limit of 10%, and large value funds for accredited investors of Category III AIFs may calculate the investment limit of 20%, of either the investable funds or the net asset value of the scheme.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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